THIS IS A PRESS RELEASE FROM THE OFFICE OF UNITED STATES SENATOR JAY ROCKEFELLER.

Washington, DC – Senator Jay Rockefeller, a senior member of the Senate Finance Committee, issued the following statement today in response to the continued financial crisis on Wall Street:

“Over the last several weeks we have all been shocked by almost daily revelations of extreme turmoil in our financial markets. What we are facing is a true crisis, we have real challenges ahead of us, and we may not yet have seen the worst.

“I understand the anger that runs deep as warnings of pending disaster grow louder. There is no perfect solution for fixing this crisis but after consulting with experts in West Virginia and Washington, I have concluded that inaction would be profoundly dangerous.

“We need America to succeed again and if we fail to act – and in short order – the damage will not be isolated to the financial community, it will harm employers, small business owners, pension and retirement plans, college loans, and hard working West Virginians everywhere.

“I want West Virginians to know where this stands today. Last Friday, President Bush and Secretary Paulson asked Congress for a blank check with no plan to protect taxpayers and no oversight. We have been negotiating around the clock since then and we are insisting that the plan must:

Limit executive pay so that failed CEOs who abused the public trust cannot take taxpayer dollars with them;
Guarantee that taxpayers share in any future profits;
Establish real oversight with an independent Inspector General who will watch over the day- to-day from the inside out; and,
Put in place strong regulations so this crisis never happens again.

“There are likely very tough times ahead. This plan is intended to prevent economic catastrophe but it alone will not put us on the path to prosperity. We must immediately turn our attention to broader economic recovery, from healthcare, to increased wages, to expanded job opportunities, to major public infrastructure. The people of West Virginia deserve lasting solutions.”